Hong Kong is bracing for more finance-sector job cuts as Western banks, many of which base their regional operations in this business hub, scale back their Asian expansion amid the fallout from Europe’s debt crisis and a generally weaker global economy. But for the city’s finance sector, which employs roughly 180,000 people, or 4.9 per cent of Hong Kong’s working population, any rise in unemployment from layoffs will likely be temporary, economists say, underpinned by growing demand for financial services from China-related businesses. (Wall Street Journal)

Five top investment bankers at RBS are in line to pick up around £30m in bonuses and pay despite the fierce public backlash against bumper pay-outs at the taxpayer-controlled lender. (The Telegraph)

Kweku Adoboli, the former UBS trader accused of causing the largest unauthorised trading loss in British history, has denied charges of fraud and false accounting. (Financial Times)

Facebook’s initial public offering is likely to set a new standard for how low investment banks are willing to go on advisory fees to win big business. (Reuters)

Bankers in China must pay more for their Starbucks. (Shanghai Daily)